Timbers owner Merritt Paulson said on Twitter that Valeri's extension is through the 2019 season.

Valeri has been Portland's most important attacking player since 2013. This season, he has recorded 10 goals and five assists.

Here is the full release from the team:

PORTLAND, Ore. - The Portland Timbers today announced that the club has signed midfielder Diego Valeri to a contract extension as a Designated Player.

The Timbers leader in points (106) and assists (40) during their MLS era, Valeri, 30, ranks second in points and fourth in assists in club history across all eras (since 1975), logging 8,511 minutes in 106 appearances (100 starts) with Portland. Scoring 33 goals since joining the Timbers in 2013, Valeri has produced the second-most goals during Portland's MLS era, while ranking first for shots (316) and shots on target (117). Additionally, Valeri has recorded the most assists of any player in MLS since the beginning of the 2013 season (40)

Valeri's honors with the Timbers include back-to-back MLS Best XI recognition (2013,2014), MLS Newcomer of the Year (2013), along with Timbers Player's Player of the Year (2014) and Supporters' Player of the Year (2014), while earning the team's Golden Boot in the 2013 and 2014 campaigns. A three-time MLS All-Star honoree, Valeri delivered the game-winning assist in the 2014 AT&T MLS All-Star game against FC Bayern Munich at Providence Park, propelling the MLS All-Stars to a 2-1 victory.

In 2016, Valeri has scored 10 times for the Timbers, while recording five assists in 20 games (20 starts), ranking seventh in MLS for goals scored and second for chances created including assists (74). In the Timbers last four games across all competitions, Valeri has recorded four goals, including two game-winning goals, scoring in the 90th minute against C.D. Dragon in CONCACAF Champions League play on Aug. 3, before producing the Timbers' opening goal in the 65th minute of a 3-0 win against Sporting Kansas City on Aug. 7.

Logging 1,713 minutes in 22 regular-season games (20 starts) last season, Valeri started and played in five matches in the postseason, scoring the quickest goal in MLS Cup history and earning MLS Cup MVP honors in a 2-1 win over Columbus Crew SC on Dec. 6. Overall, Valeri recorded four assists during the MLS Cup Playoffs, including a pair of assists against FC Dallas in the second leg of the Western Conference Semifinals on Nov. 29, which was tied for the most in the postseason.